Determination of Fair Market Rent. The term "Fair Market Rent" for the purposes of this Lease shall mean the annual amount per rentable square foot that what a willing, comparable tenant would pay, and a willing, comparable landlord of a non-sublease, non-encumbered, non-equity, similarly serviced, comparably improved and situated biotechnical research/office building would accept for similarly sized and situated Premises for a comparable use for a comparable period of time under a lease with comparable terms to that of this Lease (but for the resetting of annual Base Rent) ("Comparable Transactions"). The setting of Fair Market Rent shall involve only an adjustment of Base Rent, and shall not require Landlord to grant any other concession such as tenant improvement allowances. Nevertheless, in setting such Fair Market Rent in relation to other contemporaneous transactions in the market, appropriate consideration shall be given to the annual rental rates per rentable square foot, the standard of measurement by which the rentable square footage is measured, the ratio of rentable square feet to usable square feet, the type of escalation clause, the extent of Tenant's liability under the Lease, brokerage commissions, length of lease term, size and location of premises being leased, building standard work letter and/or tenant improvement allowances, if any, and other generally applicable conditions of tenancy for such Comparable Transactions. The intent is that Tenant will obtain the same Base Rent that Landlord would otherwise give in Comparable Transactions and that Landlord will make, and receive the Base Rent that Landlord would otherwise make, and receive in Comparable Transactions. With respect to Tenant and any successor to Tenant by merger or acquisition, for the purposes of setting Fair Market Rent the Premises shall be deemed improved only with Landlord's Work and the building standard tenant improvements available that would have been built had the Tenant Improvement Allowance been [*] per usable square foot and not with any (a) alterations and improvements paid for out-of-pocket by Tenant or (b) tenant improvements above the [*] per usable square foot allowance provided by Landlord. With respect to any other renewing Tenant (e.g. an assignee other than by merger or asset acquisition), the Fair Market Rent shall be set based on the actual condition of the Premises or (at Landlord's option) the condition in which Tenant would be required to leave the Premises upon expiration of the Le...
Determination of Fair Market Rent. Landlord and Tenant shall meet and attempt in good faith to mutually determine the Fair Market Rent for any Renewal Term. If the parties have not reached agreement on the Fair Market Rent by the date that is thirty (30) days after Landlord's receipt of Tenant's Notice, each party shall appoint an arbitrator and shall give to the other party notice of the identity of the arbitrator no later than the date that is forty (40) days after Landlord's receipt of Tenant's Notice. If either party fails to appoint an arbitrator by the date that is forty (40) days after Landlord's receipt of Tenant's Notice, the sole arbitrator appointed, if any, shall determine the Fair Market Rent. If two arbitrators are appointed, they shall immediately meet and attempt to agree upon such Fair Market Rent. If the arbitrators cannot reach agreement on the Fair Market Rent by the date that is sixty (60) days after Landlord's receipt of Tenant's Notice, each arbitrator shall submit a determination of Fair Market Rent to Landlord and Tenant. If the determinations of Fair Market Rent made by these two arbitrators vary by ten percent (10%) or less, the Fair Market Rent shall be the average of the two determinations. If the determinations vary by more than ten percent (10%), the two arbitrators shall within ten (10) days after submission of their determinations appoint a third arbitrator. If the two arbitrators shall be unable to agree on the selection of a third arbitrator within the 10-day period, then either Tenant or Landlord may request such appointment by petitioning the presiding judge of the Superior Court in and for the County of San Mateo. Such third arbitrator shall, within thirty (30) days after appointment, make a determination of the Fair Market Rent and submit such determination to Landlord and Tenant. The Fair Market Rent shall be the determination of Fair Market Rent submitted by the original two arbitrators that is closer to the Fair Market Rent determination of the third arbitrator. If the third arbitrator's determination is exactly between the Fair Market Rent determination of the original two arbitrators, then the Fair Market Rent shall be the average of the original two determinations. The determination of Fair Market Rent pursuant to this Paragraph 49 shall be final and binding on Landlord and Tenant.
Determination of Fair Market Rent. The Fair Market Rent shall be determined by mutual agreement of the parties or, if the parties are unable to agree within 30 days after Tenant’s exercise of the Option, then Fair Market Rent shall be determined pursuant to the procedure set forth in Section 8(e) and Section 8(f) below.
Determination of Fair Market Rent. (i) If Lessor and Lessee cannot agree on the Fair Market Rent within thirty (30) days after the date of any Notice to Extend with respect to the first or second Extended Term, each party shall, by notice to the other, appoint a disinterested and licensed M.A.I. Real Estate Appraiser of national reputation and renown with at least five years of experience in appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility to determine the Fair Market Rent. If any party should fail to appoint an appraiser within ten (10) days after notice, the appraiser selected by the other party shall determine the Fair Market Rent. In determining the Fair Market Rent, each appraiser shall give appropriate consideration to, among other things, generally applicable minimum rent for tenancies of property comparable to the Leased Property in the area in which the Leased Property is located.
Determination of Fair Market Rent. In calculating the Fair Market Rent, the Premises shall be deemed to include all buildings, structures and fixtures erected thereon, together with all additions and replacements thereof (except Tenant's moveable trade fixtures, machinery and equipment). Not earlier than eighteen (18) months prior to the expiration of the Initial Term and each Renewal Term, Tenant may notify Landlord of its desire to consider renewal of this Lease. Thereafter, Landlord and Tenant shall make a good faith effort to agree upon the "Fair Market Rent" of the Premises for the ensuing Renewal Term. In the event Landlord and Tenant fail to agree within sixty (60) days after delivery of Tenant's notice ("Initial Rent Determination Period"), the "Fair Market Rent" shall be determined by arbitration in accordance with the process described below. Without limiting the foregoing, in determining the Fair Market Rent, the following factors shall be considered: the amount per rentable square foot that a willing, comparable, non-equity tenant would pay, and a willing landlord of a comparable property in the marketplace (as set forth above) would accept in an arm's-length transaction giving appropriate consideration to rental rates per rentable square foot, escalation clauses (including, but not limited to, operating expenses and real estate taxes), abatement provisions reflecting free rent, if any, length of lease term, size and location of premises being leased, tenant improvement allowances, if any, and any other generally applicable terms and conditions of tenancy for the subject space.
Determination of Fair Market Rent. (1) In the event Tenant elects to exercise a Renewal Option, then during the period (the “Analysis Period”) beginning on the date of exercise and ending thirty (30) days thereafter, the parties shall, in good faith, attempt to determine and agree upon the Fair Market Rent.
Determination of Fair Market Rent. 40.01 For purposes of this Lease the term "
Determination of Fair Market Rent. (i) The parties shall endeavor by good faith negotiations to agree upon the fair market rental value within thirty (30) days after Lessor's receipt of the Option Notice.
Determination of Fair Market Rent. In the event LESSEE gives timely extension notice in accordance with the provisions of Paragraph 24 hereof and the parties are unable to agree as to the fair market rent within thirty (30) days after the receipt of LESSEE'S extension notice, then LESSOR and LESSEE may initiate the appraisal process provided for herein by giving notice to that effect to the other, and the party so initiating the appraisal process (the "Initiating Party") shall specify in such notice the name and address of the person designated to act as an appraiser on its behalf. Within thirty (30) days after the designation of the appraiser, the other party (the "Other Party") shall give notice to the Initiating Party specifying the name and address of the person designated to act as an appraiser on its behalf. The two appraisers as chosen shall meet within ten (10) days after the second appraiser is appointed and shall exchange their determinations as to fair market value rents. If the determinations are within ten percent (10%) of each other, the fair market rent shall be the average of the two determinations. If, within ten (10) days after the second appraiser is appointed, their determinations of fair market rent are greater than ten percent and the two appraisers are unable to agree on a fair market rent, then on the second Business Day following the close of such ten (10) day period, the two appraisers shall, within thirty (30) days after the second appraiser is appointed, together appoint a third appraiser. In the event of their being unable to agree upon such appointment within forty (40) 81 days after the appointment of the second appraiser, the third appraiser shall be selected by the parties themselves if they can agree thereon within a further period of fifteen (15) days. If the parties do not so agree, then either party, on behalf of both and on notice to the other, may request such appointment by the President of the Greater Boston Real Estate Board (or organization successor thereto) and request him to select an impartial third arbitrator. Within five (5) days after the appointment of the third appraiser, the first appraiser and second appraiser shall submit to such third appraiser their respective determinations of the fair market rent as described in the immediately preceding clause. Such third appraiser shall, within fifteen (15) days after the end of such five (5) day period, choose a fair market rent specified which is not less than the lowest fair market determinatio...
Determination of Fair Market Rent. (i) Within thirty (30) days following the receipt of the Option Notice by Landlord, Landlord shall notify Tenant of Landlord’s good faith determination of the Monthly Basic Rent for the Extension Term pursuant to Section 2.2(c). Tenant shall have a period of ten (10) business days to either accept or reject to Landlord’s determination of the Monthly Basic Rent. If Tenant fails to either accept or reject Landlord’s determination of the Monthly Basic Rent, Tenant shall be deemed to have rejected Landlord’s determination of the Monthly Basic Rent. If Tenant timely rejects Landlord’s determination of the Monthly Basic Rent, the parties shall negotiate in good faith for a period of thirty (30) days to determine the Monthly Basic Rent.
